Our GAAP results and reconciliations of GAAP to non-GAAP measures can be found in our earnings press release. Our total revenue increased 15% year-over year, excluding Sun Art and InTime. Our continued investment in core businesses is yielding results, with China e-commerce CMR growing 10% and cloud intelligence revenue rising 34%. Sustained strong demand for AI and rising usage of public cloud drove Alibaba Cloud's 34% revenue growth this quarter, while revenue from external customers accelerated by 29%.
AI-related products continued to post triple-digit year-over-year growth for the ninth consecutive quarter. Second, customers are deepening and broadening their use of AI, which is significantly increasing demand for compute, storage, and other traditional cloud services. Together, these forces are accelerating revenue growth driven by external customer demand. The growth of quick commerce business contributed to rapid growth in Taobao App's monthly active consumers and supported CMR expansion.
Going forward, we will further enhance synergy between quick commerce and the broader Alibaba ecosystem, continue improving unit economics, and meet consumers' fast-growing demand for immediate access to diverse products and services. In October, AMAP Street Stars averaged more than 70 million daily active users, with average daily user reviews more than triple the amount of the same period last year, indicating strong future growth potential. We will advance both enterprise and consumer-focused AI, unlock deeper synergies across Alibaba's businesses, and use these engines to drive Alibaba's long-term growth and carry the company to the next level. Excluding revenue from Sun Art and InTime, revenue on a like-for-like basis would have grown by 15% year over year.
| Metric | Period | Current guidance |
|---|---|---|
| Quick commerce investment intensity | December quarter (following) | significant sizing down expected (decrease) |
| Quick commerce GMV | Within three years | target CNY 1 trillion (increase) |
| CMR growth | December quarter (following) | expected to slow on base effect of payment-processing fee started September last year (decrease) |
| Three-year AI + cloud CapEx | Multi-year | may be on the small side; would not rule out scaling up (increase) |
| AIDC adjusted EBITDA | Coming quarters | may fluctuate quarter-over-quarter on tactical investments in select markets |
| Metric | YoY | Note |
|---|---|---|
| Total revenue | +15% on a like-for-like basis (RMB 247.8 billion) | Double-digit growth in China e-commerce and cloud; like-for-like excludes Sun Art and Intime. |
| China E-commerce Group revenue | +16% (RMB 132.6 billion) | CMR up 10% on take-rate improvement (Quanzhantui penetration, software service fees); quick commerce revenue up 60%. |
| Cloud segment revenue | +34% (external customers +29%) | Public cloud growth and increasing adoption of AI-related products (triple-digit growth, 9th consecutive quarter). |
| AIDC revenue | +10% | Logistics optimization and efficiency drove a swing to an adjusted EBITDA profit of RMB 162 million. |
| Quick commerce revenue | +60% | Executed plan to grow scale, improve user experience, and narrow UE loss. |
| Total adjusted EBITDA | -78% | Strategic investment in quick commerce to grow user base and transaction volume. |
| GAAP net income | -53% (RMB 20.6 billion) | Decrease in income from operations. |
| Cloud adjusted EBITDA margin | relatively stable at 9% | — |
| Topic | Previous mention | Current period | Trend |
|---|---|---|---|
| Cloud / AI demand | 8th consecutive triple-digit AI quarter (prior) | 9th consecutive quarter; external growth accelerated to 29%; unable to keep pace with demand | Accelerating |
| Full-stack AI + Qwen models | — | Qwen3 Max ranks among global leaders in coding/agentic benchmarks; NBA, Marriott, UnionPay, Bosch partnerships | Up |
| Consumer AI (Qwen app) | not launched | launched; 10 million downloads in first beta week; to integrate e-commerce, maps, local services | Up |
| Quick commerce unit economics | large UE loss during scale-up | per-order UE loss cut ~50% since November; AOV up double digits | Improving |
| CapEx | CNY 380 billion three-year plan (RMB 120 billion spent) | may be on the small side; open to scaling up | Up |
| Consumption synergy | — | quick commerce drove Taobao MAC growth; ~3,500 Tmall brands onboarded offline stores; Amap DAU record 360 million | Up |